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George Soros: His Work And Philanthropy

George Soros has made a gigantic donation of $18 billion dollars to the Open Society Foundations according to Forbes and the New York Times. Soros, a Hungarian born business man, has long been active in philanthropy. Soros founded the first Open Society Foundation (called the Open Society Institute at the time) in 1984 in Hungary. Since then the Open Society Foundations have made efforts throughout the world to spread democracy and bring about the end of extreme poverty.

The Open Society Foundations are responsible for helping several Eastern and Central European countries peacefully install democratic government after the fall of the Soviet Union. They are also active in Africa, specifically through the Open Society Initiative for Southern Africa, which is the main proponent in bringing about regime changes and ending dictatorships.

Soros has been active in the political realm as well. In 2004 he began to fund an organization whose goal was to implement and spread progressive ideas throughout America. In 2009 he donated $50 million for the betterment of impoverished children and families in New York. Using money received from the 2009 Federal Recovery Act, New Youk added $140 million to this fund. The same year he provided financial support of $100 million to counter the impact of the economic crisis in Central and Eastern Europe.

Soros is also a funder of the Center for American Progress, funding it through hi Open Society Foundations. Additionally, he often donates to political Super PACS. Soros made his fortune, most of which he has given away, as a banker and hedge fund manager. After receiving his bachelor’s degree from the London School of Economics Soros worked shortly for the London Merchant bank Singer and Friedlander before moving to New York City. Once in New York, he was employed as a European stock trader for F.M. Mayer. In 1959 he began working for Wertheim & Co. once again specializing in European stocks and securities.

In 1963 Soros left Wertheim & Co. and began working at Arnhold and S. Bleichroeder, quickly being promoted to vice president. While at Arnhold and S. Bleichroeder Soros started Soros Fund Management as well as the Double Eagle hedge fund with an initial investment of $4 million. In 1973 Soros left Arnhold and S. Bleichroeder, and subsequently the Double Eagle Hedge Fund (at this point at $12 million) and worked full time as the chairman for Soros Fund Management. George Soros donation will ensure that the good work of the Open Society Foundations continue to have a positive effect on the world.